Key Notes
- ETH rebounded from $3,000 to $3,324 amid a 44% surge in volume.
- $39M in long liquidations marked the largest wipeout since October 10.
- Ethereum ETFs saw $219M in outflows, extending a five-day streak.
Ethereum ETH $3 312 24h volatility: 4.5% Market cap: $400.17 B Vol. 24h: $70.10 B saw a rebound after briefly dipping to the $3,000 price level, currently trading near $3,324 as trading volumes surged over 44%. Meanwhile, leading digital asset Bitcoin BTC $101 608 24h volatility: 2.2% Market cap: $2.03 T Vol. 24h: $116.37 B also crashed to $98K , reclaiming $102K not long after.
According to CoinGlass data , over $1.78 billion was liquidated from the crypto space in the past 24 hours with $1.37 billion in longs and about $410.45 million in longs.
The Four Market Stages: From Decline to Distribution
Analysts on CryptoQuant’s Quicktake highlighted Ethereum’s full cycle through the four classic market stages this year, i.e., decline, accumulation, markup, and distribution. The recent correction indicates a shift in market control, as sellers dominate after ETH failed to hold key anchored VWAP levels.
The decline phase was marked by structural lower highs and lower lows, triggered by macro issues like tariff concerns . The $3,000 breakdown tested support zones tied to Trump’s election victory and the 2024 and 2021 ATH levels, areas that historically acted as strong bounce zones.
Following the drops in these cases, ETH entered an accumulation phase between $2,000 and $3,000 for nearly two months, as buyers waited for opportune moments.
Ethereum chart with accumulation/distribution zones | Source: CryptoQuant
The stage that followed this accumulation pushed Ethereum to new highs in August. However, recent weeks showed clear distribution as price compressed between major AVWAP levels and eventually broke lower with heavy sell volume, nearly $39 million in long liquidations on Binance, the largest since Oct. 10.
ETF Outflows Add to Pressure
Ethereum ETFs have now seen five straight days of outflows, totaling $219 million on Nov. 4, extending the same pattern seen in Bitcoin ETFs, which registered $578 million in net withdrawals.
On November 4, Bitcoin spot ETFs recorded $578 million in net outflows, marking the fifth consecutive day of outflows. Ethereum spot ETFs saw $219 million in net outflows, also extending to a fifth straight day. In contrast, Solana spot ETFs posted $14.83 million in net inflows,… pic.twitter.com/c9Zyxbn9xy
— Wu Blockchain (@WuBlockchain) November 5, 2025
This contrasts with Solana ETFs , which continue to attract steady inflows for six consecutive days, indicating a rotation in investor sentiment. However, Ethereum’s structural resilience remains evident.
The same anchored VWAP that served as the final support during the 2022 bear market has once again provided a rebound point in 2025. If ETH can sustain above $3,200, a gradual recovery phase could form.
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